OTTOWA, Canada—American consumers of financial services are demanding higher levels of customer service both through technology and in person, as well as a strong feeling of security as they transact, a new report indicates.
Customer experience is vital for retention of customers according to a recent survey commissioned by March Networks and conducted by Ipsos.
The report found that security is a key issue with 98% feeling most secure when conducting transactions at their local financial institution office, compared with 93% when conducting transactions online and 83% using a mobile application, Mortgage Professional America stated in its analysis.
"Consumers today are engaging digitally with their financial institutions more often but are also frequently turning to in-person services and have high expectations when it comes to service and security," said Peter Strom, president and CEO, March Networks.
Why Consumers Switch
Banks and other financial institutions should ensure the highest levels of in-branch service, as the survey shows that one in five respondents have switched FIs in the past year where service has lacked, Mortgage Professional America said.
Ensuring a clean and tidy branch scores highly as a reason to consider switching; 70% said they would consider switching FIs if their local branch did not appear clean and tidy (77% for consumers living in households with children), Mortgage Professional America said.
The poll also found 46% of consumers said waiting more than five minutes for service in retail branch is unreasonable.